Brookfield Asset Management, a leading global alternative asset manager, today announced the acquisition of Alba Renewables, a leading clean energy developer. Further, this strategic decision will position Alba Renewables to expand its reach and impact throughout Southeast Asia. Our primary focus will be with the Philippines, Thailand and Vietnam. Alba’s portfolio is currently 1.8 gigawatts (GW) of wind, solar, and battery storage assets. This jaw-dropping capacity, though, is what puts Alba on the frontlines of their region’s energy transition.
The acquisition was completed using Brookfield’s Catalytic Transition Fund (CTF), which in turn uses $1 billion of catalytic capital from ALTERRA. This timely, private-sector, dedicated platform is designed to help mobilize more private capital into developing and emerging markets, with an emphasis on Southeast Asia. The agreement enhances Alba’s capacity tremendously. Along with this strategic move, the acquisition provides Brookfield with a low-risk introduction into the fast-growing Vietnamese market.
Expanding Renewable Energy Infrastructure
In just a few short years, Alba Renewables became a major player in the Southeast’s clean energy surge. It mainly targets its operations toward the Philippines and Thailand. The firm’s nationwide track record includes multi-million dollar wind and solar facilities, in addition to large-scale battery storage technologies. Andrew Affleck, President and CEO of Alba Renewables, shared his excitement about the acquisition, saying it represents an opportunity for the company’s future.
“Today marks an exciting milestone for Alba Renewables. We are proud of the progress our team has made in building the foundation of a high-quality clean energy operating platform across Southeast Asia.” – Andrew Affleck, Alba Renewables CEO
Brookfield’s acquisition will help Alba realize its ambitious plans to expand its renewable assets in these areas. The combined expertise from both organizations, ION and Air Products, will help improve operational efficiency while fueling the growth in the demand for sustainable energy solutions.
Strategic Investments in Vietnam
As part of the agreement, Brookfield purchased a 100 megawatt (MW) operating wind project. This long-term, contracted pro-bono project takes place in the heart of Viet Nam. The investment marks a continuation of Brookfield’s deepening commitment in the renewable energy space. It underscores Vietnam’s growing importance as a key clean energy development market in Southeast Asia.
For Brookfield’s Daniel Cheng, Asia-Pacific head of renewable power and transition, it was a key moment for the company’s fortunes. Specifically, he called out its powerful role in the broader energy landscape.
“Southeast Asia is at the forefront of the global energy transition, with surging demand, favourable policy frameworks and a deep need not just for capital, but also experienced operators with strong track records of unlocking renewable power at scale.” – Daniel Cheng
This investment enables Brookfield to deploy capital at meaningful scale while at the same time helping to drive Alba’s expansion plans in several different countries.
A Bright Future for Clean Energy
Alba Renewables acquisition is a big step forward for both companies. Together, they are more than equipped to take on the region’s growing energy needs. Brookfield and Alba have not only been busy acquiring existing assets, but launching new projects. Their mission is to provide the most reliable, low-carbon energy solutions to the communities that need them the most.
Their collective work reflects a deep commitment to environmental stewardship. More significantly, it positions both companies as leaders in the region’s transition toward renewables. Clean energy investments and commitments are gaining momentum across Southeast Asia. As long as their attention is strategically directed at emerging markets, the future is indeed bright for this exciting sector.